Nifty Correction - Probably Triangle Correction -18th April 2022
Hi
The moves from 18350 seems all complicated, which might imply, that we are in a triangle correction.
In a Triangle correction, all the waves from Wave A to Wave E have an internal structure of 3 waves.
Types of Triangles
There are basically three types of triangles.
1.
Contracting Triangle
2.
Neutral Triangle
3.
Expanding Triangle
Each type is determined by which leg (Wave A, C or E) is the longest. Wave A, C & E are the waves in the direction of the trend for the pattern.
In a Contracting triangle, Wave A is the longest amongst Wave A, C & E.
In a Neutral triangle, Wave C is the longest amongst Wave A, C & E.
In an Expanding triangle, Wave E is the longest amongst Wave A, C & E.
Currently looking at the structure, we might assume we are in a contracting triangle.
Ina Contracting Triangle, Wave A is always the longest and most violent amongst Wave A, C and E followed by Wave C (which is almost always 61.8% of Wave A) and Wave E which must be at least 38.2% of Wave C but no more than 99% of Wave C.
Here we have not mentioned about Waves B and Waves D, in triangle correction...these 2 waves could be anything complex...they do not conform with any rules.
Only Waves A,C and E conform to the above mentioned rules.
As of now, we can expected a retrace of price to nearabouts of 16120 in 3 waves structure.
and D wave could be again anything not conforming to the rules, but
Wave E should be atleast 38.2% of Wave C.
Will update as and when necessary.
As of now, Lets wait for a C wave if this is really a Triangle correction.
The moves from 18350 seems all complicated, which might imply, that we are in a triangle correction.
In a Triangle correction, all the waves from Wave A to Wave E have an internal structure of 3 waves.
Types of Triangles
There are basically three types of triangles.
1.
Contracting Triangle
2.
Neutral Triangle
3.
Expanding Triangle
Each type is determined by which leg (Wave A, C or E) is the longest. Wave A, C & E are the waves in the direction of the trend for the pattern.
In a Contracting triangle, Wave A is the longest amongst Wave A, C & E.
In a Neutral triangle, Wave C is the longest amongst Wave A, C & E.
In an Expanding triangle, Wave E is the longest amongst Wave A, C & E.
Currently looking at the structure, we might assume we are in a contracting triangle.
Ina Contracting Triangle, Wave A is always the longest and most violent amongst Wave A, C and E followed by Wave C (which is almost always 61.8% of Wave A) and Wave E which must be at least 38.2% of Wave C but no more than 99% of Wave C.
Here we have not mentioned about Waves B and Waves D, in triangle correction...these 2 waves could be anything complex...they do not conform with any rules.
Only Waves A,C and E conform to the above mentioned rules.
As of now, we can expected a retrace of price to nearabouts of 16120 in 3 waves structure.
and D wave could be again anything not conforming to the rules, but
Wave E should be atleast 38.2% of Wave C.
Will update as and when necessary.
As of now, Lets wait for a C wave if this is really a Triangle correction.
Comment:
Need another 700 points for the C wave in the triangle correction to complete...hoping to get it by month end.
Comment:
Seems a Wave completed in the 3rd Wave (C Wave), now waiting for b Wave.
Remember 3 wave in triangle Waves structure
Remember 3 wave in triangle Waves structure
